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Tuesday 19 Sep 2017
You are here: Home VESSEL INSURANCE
Vessel Insurance

Vessel Insurance

 

 

Vessel insurance policies vary in nature, but there are common sections in a vessel insurance policy. These sections are Hull Insurance, Protection & Indemnity Insurance, and Medical Payments. We will explain them in details below. All policies are different and are subject to definitions, terms, conditions, exclusions, and limits contained in the actual written policy and endorsements to that policy.

 

We work as an independent insurance agency and have therefore access to a wide variety of vessel insurance policies through various insurers, such as Lloyd’s of London, Ace, Chubb to mention a few.

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Hull Insurance: 

The Hull Insurance section of the vessel insurance policy includes coverage for the hull of the vessel, the machinery & equipment onboard and the personal effects of the passengers and crew. 

 

Protection & Indemnity (P&I)

Protection and Indemnity is the most comprehensive form of marine liability.
P&I provides liability coverage for the insured for bodily injury and property damage to third parties, liability to hired crew, defense cost coverage and wreck removal when required by law.

Medical Payments:

The medical payments section covers bodily injury caused by accidents, sickness or disease, and includes the required care, loss of services and death resulting there from. Coverage for the captain and crew is available 24 hours a day during the entire insurance period.

Vessel Insurance Terminology

Agreed Value Policy:

 

An Agreed Value Policy stipulates the amount of payment to the insured in the event of a total loss to the vessel. You, the insured and the insurance company agree to this amount of insurance at the outset of the policy. The "agreed value" is usually the purchase price of the hull and equipment. In the event of a total loss, the agreed amount is paid without regard to depreciation. For partial losses, reasonable repair or replacement is made without subtracting for depreciation except for certain items such as bottom paint, sails, canvas, fabric, batteries, tires, outdrives, and machinery.

Actual Cash Value:

Actual Cash Value policies will apply depreciation at the time of loss or damage. In a total loss situation, usually the settlement is the lesser of the coverage amount or the actual cash value of the property at the time of the loss.

All Risk:

All risk coverage provides coverage for any loss unless it is specifically excluded from the policy. Make sure you read the policy so you know what is covered and what is not as this insurance term is often misunderstood.

Named Peril:

A Named Peril Policy provides coverage for only specific losses listed on the policy.

Deductibles:

 

Deductibles can be a cost savings measure. When you take a higher deductible, your insurance premium is less. Deductibles are usually applied when there is partial loss or damage. Depending on the policy terms, a separate deductible may apply when there is a total or partial loss due to a named windstorm. 

Contact Us:

T: 1-866-635-1445

O: (+1) 954-323-6733

C: (+1) 754-234-4325

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